FTX spent $40 million on luxury hotels, accommodation and food

[Lens1000]

It is not quite long that the FTX has lots of problems that we are beginning to hear a lot of ways at which they spent the money . It was a famous cryptocurrency exchange and it faced lot of problems last year. We were made know who that they spend huge amount of money on luxury hotels, accommodation, flight and food for complete 9 months. They spent a surprising amount of money in on all these things which is a clear indication of poor management of fund and they do all of these to risk the people's fund. We were made to know that $40 million went down the drain within nine months. This was made known by the court and it was seen in the document that was made available to the court when they file for bankruptcy late last year. The breakdown on how does humongous amount of money were spent on luxury were on the document which is really a very bad sign that the management of the former cryptocurrency exchange behemoth spent the companies fund on frivolities which is not really what is expected of them . There are tons of cryptocurrency exchange that are still undergoing such kind of lavish spendingo but we will get to know some of them later.

 

[uptrendfinancialsignal]

FTX is a typical example of mismanagement and you can imagine the amount of money that was spent on frivolities. This is why I love Binance because it has been able to manage its finances properly despite the fact that there is a bearish run in the crypto-currency market. When all other cryptocurrency exchange are laying off their workers, Binance still continue to employ more workers during the bearish season. This is to tell you that the are able to manage their finances properly. FTX as failed in this regard woefully because they lack necessary Financial Management skill and they kept spending money any how.